FROM THIS EPISODE

This week's recall vote in Wisconsin was touted as a bellwether for November's election. By that measure, Democrats have plenty to be nervous about. But there's another bellwether that might be even more worrisome to the incumbent party: the economic collapse in Europe and predictions of a global spread. If this November's election is all about America's economic fortunes, what's a president to do? (Chrystia Freeland and David Frum join us as guest panelists.)

Banner image: The Bank of Spain near the subway station of Banco de Espana in Madrid. Financial markets speculated on a bailout for Spain's distressed banks as soon as this weekend, even as Madrid denied knowledge of the plan. Photo by Dominique Faget/AFP/GettyImages